SAUDI ARABIAN MINING COMPANY (MAADEN) ANNOUNCES THAT ITS SUBSIDIARY MAADEN PHOSPHATE COMPANY (MPC) HAS RECEIVED COMMITMENTS FROM LOCAL AND INTERNATIONAL LENDERS TO REPLACE ITS EXISTING DEBT
Further to the company announcement on Tadawul on 24/11/1436H (corresponding to 08/09/2015G), the Saudi Arabian Mining Company (Maaden) announces today Wednesday 06/02/1437h (corresponding to 18/11/2015G) that its subsidiary Maaden Phosphate Company (MPC) has received commitment letters from local and international lenders for a loan amount up to SAR 11.5 billion US$(3.065) billion, to provide new financing facilities to it. The new debt will replace the existing debt and is on more favorable terms reflecting MPCs status as a successful operating company.
Maaden expects MPC to sign definitive financing agreements by the end of 2015. Further substantial developments will be announced in due course.
MPC is a limited liability company co-owned by Maaden (70%) and Saudi Basic Industries Corporation (SABIC) (30%).
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